The Luxembourg indirect tax authority has issued a release on the new special VAT scheme for small businesses (the SME scheme) that applies from 1 January 2025 in line with Council Directive (EU) 2020/285 of 18 February 2020. This includes an increase in the optional VAT exemption threshold for small businesses from EUR 35,000 to EUR 50,000 in annual turnover, with a 10% tolerance. This genera…